Eddie Lampert to remain CEO of Sears for annual salary of $1
New York — Eddie Lampert, chairman of Sears Holding Corp., has signed a contract to remain as CEO of the retail company at a salary of $1 per year, the Associated Press reported. Sears announced in January that Lampert would take over as CEO after Louis J. D’Ambrosio stepped down due to family health issues.
Lampert’s new contract is effective Feb. 1, according to a regulatory filing yesterday. Lampert also has the opportunity for a bonus of up to $2 million in cash or stock and up to $4.5 million in stock per year.
Lampert, the largest shareholder of the Sears, will work out of Miami, the report said.
Report: J.C. Penney slashed 43,000 jobs in one year
New York — J.C. Penney Co. has 43,000 less workers at the end of its most-recently completed fiscal year (February 2, 2012) than it did a year ago, according to a report filed Wednesday with the Securities and Exchange Commission, the New York Post reported.
The company finished its fiscal year with 116,000 full-time and part-time employees, down from 159,000 associates a year ago, the report said.
According to the Post, Penney officials have said that the previous year’s employment figure of 159,000 was inflated by an unusually high number of seasonal workers.
Ross Q4 profit jumps 23%; to stop reporting monthly sales
Pleasanton, Calif. — Ross Stores Inc. said Thursday its fourth-quarter net income rose 23%, in line with analysts’ projections. The off-price retailer also announced that beginning with the second quarter of fiscal 2013 it will no longer report monthly sales. Instead, quarterly same-store store sales results will be provided with regularly scheduled earnings releases.
“Reporting sales quarterly aligns us with the majority of other retailers who have already adopted this practice, while also increasing the focus on longer-term performance,” said Michael Balmuth, vice chairman and CEO.
Ross earned $236.6 million for the quarter ended Feb. 2, up from $192 million, in the same quarter last year.
Revenue rose 15% to $2.76 billion from $2.4 billion. Same-store sales increased 5%.
For the full year 2012, Ross earned $786.8 million, up from $657.2 million in 2011. Revenue increased to $9.72 billion from $8.61 billion.
The company also said Thursday that beginning with the second quarter of fiscal 2013 it will no longer issue monthly sales reports, but instead just include them with its quarterly earnings reports.
"We are pleased with the record sales and earnings we delivered in the fourth quarter and 2012 fiscal year, especially considering they were achieved on top of strong multi-year gains” Balmuth said. “Results for both periods benefited from our ongoing ability to deliver compelling bargains on a wide assortment of exciting name brand fashions for the family and the home to today’s value-focused consumers."